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African Fixed Income and Derivatives Guidebook African Fixed Income and Derivatives Guidebook ETB AFRIC ELOP E LO P NE DE DÉ EV ME NE D E DÉ E V M E AI VE D NT A I VE D NT IC L N IC L N R O A F R O A F F P IC U F P I C U A P N A P N E R D E R D E M F E M F A A U E U E Q N Q N N T N T A A A B B N DEVELOPMENT B T T F F N N O O E E N N D M D M E E S P S P A P A P FR O F R O IC EL I C E L AI N DE DÉV AI N D E DÉ V AFRICAN DEVELOPMENT BANK GROUP A NK GROUP African Fixed Income and Derivatives Guidebook African Fixed Income and Derivatives Guidebook ETB LO E DE D EVE PME AIN EV D N IC EL N T R O A F F P IC U P A R N E F D E M A U E Q N N T A B T F N O E N M D E S P A P FR LO IC VE AIN DE DE AFRICAN DEVELOPMENT BANK GROUP Temporary Relocation Agency: Angle de l’avenue du Ghana et des rues Pierre de Coubertin, Hedi Nouira BP 323 1002 Tunis Belvédère TUNISIA Contact: Group Treasurer Tel: +216 7110 2028 Fax: +216 71 33 0632 MAY E-mail: [email protected] 2010 MAY 2010 Website: www.afdb.org African Fixed Income and Derivatives Guidebook Table of Contents iii Table of Contents List of Abbreviations �� � � � � � � � � � � � � � � � � iv Madagascar �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 89 Malawi � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 93 Foreword �� � � � � � � � � � � � � � � � � � � � � � � � � � vii Mauritania �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 97 Mauritius �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 101 Acknowledgements� � � � � � � � � � � � � � � � � �viii Morocco � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 107 Mozambique �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 113 Country Guides �� � � � � � � � � � � � � � � � � � � � � � �1 Namibia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 117 Nigeria �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 121 Algeria �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 3 Angola �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 Rwanda �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 127 Botswana �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11 Sao Tome e Principe� � � � � � � � � � � � � � � � � � � � � � � � � � 131 Burundi �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 17 Seychelles� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 133 Sierra Leone � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 137 Cape Verde � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 21 Somalia� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 141 Central Africa Economic and Monetary Community � 24 South Africa � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 145 Comoros� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 31 Sudan � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 153 Swaziland� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 157 Democratic Republic of Congo �� � � � � � � � � � � � � � � � � � 35 Djibouti �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 39 Tanzania� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 161 Tunisia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 167 Egypt �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 43 Eritrea� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 49 Uganda � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 173 Ethiopia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 53 West African Economic and Monetary Union �� � � � � 178 The Gambia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 76 Ghana� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 61 Zambia � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 183 Guinea �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 67 Zimbabwe �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 189 Kenya � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 71 Lesotho �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 77 Liberia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 81 Libya� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 85 iv List of Abbreviations List of Abbreviations ADB Asian Development Bank CEMAC Communauté Économique et Monétaire de ADF African Development Fund l’Afrique Centrale AfDB African Development Bank CFA Franc de la Communauté Financière de AGOA African Growth and Opportunity Act l’Afrique ALBI All Bond Index CIC Central Bank Igarah Certificate AOA Angola Kwanza CIMA Conférence Internationale des Marches d’As- APSB Association Professionnelle des Sociétés de surance Bourses CIPRES Conférence Interafricaine de la Prevoyance ATS Automatic Trading System Sociale Avg Average CMA Common Monetary Area BAI British American Insurance CMC Council of Money and Credit BCC Banque Centrale du Congo CIMA Conférence Internationale des Marches d’As- BCEAO Banque Centrale des États de l’Afrique de surance l’Ouest CNAS Caisse Nationale d’Assurance Sociale BCM Banque Centrale de Madagascar CNR Caisse Nationale des Retraites BCV Banco de Cabo Verde COBAC Commission Bancaire de l’Afrique Centrale BDM Banco de Mozambique COMESA Common Market of Eastern and Southern BEAC Banque des Etats de l’Afrique Centrale Africa BESA Bond Exchange of South Africa COSOB Commission d’Organisation et de Surveillance BIF Burundi Franc des Opérations de Bourse bn Billion COSUMAF Commission de Surveillance du Marché Fin- BNA Banco Nacional de Angola ancier de l’Afrique Centrale BoA Bank of Algeria CP Commercial Paper BOAD Banque Ouest Africaine de Développement CPI Consumer Price Index BoB Bank of Botswana CREPMF Conseil Régional de l’Epargne Publique et des BoBC Bank of Botswana Certificate Marchés Financiers BOG Bank of Ghana CSD Central Securities Depository BOS Bank of Sudan CSE Casablanca Stock Exchange BOT Bank of Tanzania CVE Cape Verde Escudo BOU Bank of Uganda DAA Deposit Auction Arrangement BOZ Bank of Zambia DAP Delivery Against Payment BPS Basis Points DC/BR Dépositaire Central/Banque de Règlement BRB Banque de la Republique du Burundi DFI Development Finance Institution BRVM Bourse Régionale des Valeurs Mobilières DJF Djibouti Franc BSE Botswana Stock Exchange DOT Algerian Direction of Trade BTA Bons du Trésor Assimilables DPCF Debt Participation Capital Fund BTC Bons du Trésor Cessibles DRC Democratic Republic of Congo BVM Bolsa de Valores de Mozambique DSE Dar es Salaam Stock Exchange BVMAC Bourse des Valeurs Mobilières d’Afrique Cen- DVP Delivery Versus Payment trale DZD Algerian Dinar BWP Botswana Pula EASRA East African Securities Regulatory Authorities CAD Cash Against Delivery EGP Egyptian Pound CAR Central African Republic EIB European Investment Bank CASE Cairo and Alexandria Stock Exchange EPZ Export Processing Zone CBB Central Bank Bills ERN Eritrean Nakfa CBG Central Bank of Gambia ESAF Enhanced Structural Adjustment Facility CBN Central Bank of Nigeria ETB Ethiopian Birr CBK Central Bank of Kenya EUR Euro CD Certificate of Deposit EURIBOR Euro Interbank Offered Rate CDF Congolese Franc FDI Foreign Direct Investment FGN Federal Government of Nigeria List of Abbreviations v FI Financial Institution NAICOM National Insurance Commission FMC Financial Markets Commission NBE National Bank of Ethiopia FMO The Netherlands Development Finance Com- NBFIRA Non-Bank Financial Institutions Authority pany NCDS Negotiable Certificate of deposit FRA Forward Rate Agreement NDF Non-Deliverable Forward FSC Financial Services Commission NGN Nigerian Naira FSRCC Financial Services Regulation Coordination NGO Non-Governmental Organization Committee NIBOR Nigerian Interbank Offered Rate FTA Free Trade Agreement NSE Nairobi Stock Exchange FX Foreign Exchange NSX Namibian Stock Exchange GBOT Global Board of Trade Ltd NT National Treasury GDP Gross Domestic Product OHADA L’Organisation pour l’Harmonisation en Af- GHS Ghanaian Cedi rique du Droit des Affaires GNF Guinean Franc OMO Open Market Operations GoK Government of Kenya OTC Over-The-Counter GOVI Government Bond Index OTS Off-shore Trade Settlement HDI Human Development Index OTHI Other Bond Index HIPC Heavily Indebted Poor Country PIBO Public Infrastructure Bond Offer IDA International Development Association PRGF Poverty Reduction and Growth Facility IDB Inter-Dealer Broker RAP Receipt Against Payment IFC International Finance Corporation RBZ Reserve Bank of Zimbabwe IMF International Monetary Fund RMC Regional Member Country IPO Initial Public Offering RTGS Real Time Gross Settlement IRS Internally Registered Stock RWF Rwandan Franc ISIN International Securities Identification Number SAFEX South African Futures Exchange JIBAR Johannesburg Interbank Agreed Rate SARB South African Reserve Bank JPY Japanese Yen SCR Seychelles Rupee JSE Johannesburg Stock Exchange SDD Sudanese Dinar KES Kenyan Shilling SDR Special Drawing Right KfW Kreditanstalt für Wiederaufbau SGI Sociétés de Gestion et d’Intermédiation KIBOR Kampala Interbank Offered Rate SGVB Société de Gestion de la Bourse des Valeurs LIBOR London Interbank Offered Rate SIBA Seychelles International Business Authority LLDC Landlocked Developing Country SICIL Sistema Integrado de Compensacao
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